The Bon-Ton Stores, Inc. Announces Frederick, MD Store Closing
YORK, Pa.--(BUSINESS WIRE)--
The Bon-Ton Stores, Inc. (NASDAQ: BONT) today announced that it
will close its 98,000 square foot Bon-Ton store located in the Frederick
Towne Mall. The leasehold interest in the Frederick, Maryland location
was acquired by Bon-Ton in 1972. The closing is scheduled for the end of
January 2011 and will impact approximately 56 associates. The closing
costs for the location will not be material.
Bud Bergren, President and Chief Executive Officer, commented, "The
Company continually reviews the performance of its assets, and following
a review of the Frederick Towne Mall location, we made the decision to
close the store. We sincerely appreciate the loyalty and dedication of
our associates and the support of our Frederick customers. We remain
committed to our customers in this market and encourage them to visit
our Bon-Ton store in the Hagerstown Valley Mall."
The affected associates at the Frederick location will be provided an
opportunity to consider available opportunities at the Bon-Ton
Hagerstown Valley Mall store or receive career transition benefits
according to established practices.
The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 277 department stores,
which includes 11 furniture galleries, in 23 states in the Northeast,
Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston
Store, Carson Pirie Scott, Elder-Beerman, Herberger's and Younkers
nameplates and, in the Detroit, Michigan area, under the Parisian
nameplate. The stores offer a broad assortment of national and private
brand fashion apparel and accessories for women, men and children, as
well as cosmetics and home furnishings. For further information, please
visit the investor relations section of the Company's website at http://investors.bonton.com.
Certain information included in this press release and other
materials filed or to be filed by the Company with the Securities and
Exchange Commission contain statements that are forward-looking within
the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements, which may be identified by words such
as "may," "could," "will," "plan," "expect," "anticipate," "estimate,"
"project," "intend" or other similar expressions, involve important
risks and uncertainties that could significantly affect results in the
future and, accordingly, such results may differ from those expressed in
any forward-looking statements made by or on behalf of the Company.
Factors that could cause such differences include, but are not limited
to, risks related to retail businesses generally; a significant and
prolonged deterioration of general economic conditions which could
negatively impact the Company, including the potential write-down of the
current valuation of intangible assets and deferred taxes; changes in
the terms of the Company's proprietary credit card program; potential
increase in pension obligations; consumer spending patterns, debt
levels, and the availability and cost of consumer credit; additional
competition from existing and new competitors; inflation; deflation;
changes in the costs of fuel and other energy and transportation costs;
weather conditions that could negatively impact sales; uncertainties
associated with expanding or remodeling existing stores; the ability to
attract and retain qualified management; the dependence upon
relationships with vendors and their factors; a security breach; the
ability to reduce SG&A expenses; the incurrence of unplanned capital
expenditures; the ability to realize the expected benefits from our
planned changes in operating structure; the ability to obtain financing
for working capital, capital expenditures and general corporate purpose;
the impact of new regulatory requirements including the CARD Act; and
the financial condition of mall operators. Additional factors
that could cause the Company's actual results to differ from those
contained in these forward-looking statements are discussed in greater
detail under Item 1A of the Company's Form 10-K filed with the
Securities and Exchange Commission.
The Bon-Ton Stores, Inc.
Mary Kerr, 717-751-3071
Investor and Public Relations
Source: The Bon-Ton Stores, Inc.
News Provided by Acquire Media
Close window | Back to top